Geographic oil concentration and economic growth – a panel data analysis

Nuno Torres, Oscar Afonso and Isabel Soares ()
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Isabel Soares: CEFUP, Faculdade de Economia, Universidade do Porto

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: Given a panel of oil producing countries, we show that a higher oil concentration is associated with an increase in economic growth through capital efficiency in: (i) countries with medium and low income per head from East Asia & Pacific and Latin America & the Caribbean, classified as followers in terms of technology-convergence clubs; (ii) countries with high income inequality. In our view, the overall results reflect the broader scope for factor efficiency increases in less developed countries arising from the oil industry, which is characterised by a highly globalised know-how.

Keywords: Energy; Economic growth; Panel data (search for similar items in EconPapers)
JEL-codes: C23 O13 O47 O50 Q40 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009-11
New Economics Papers: this item is included in nep-ara, nep-ene, nep-fdg and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:por:fepwps:343

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